DeClout Ltd. said its normalized net income for the first quarter amounted to a loss of S$2.6 million, compared with a loss of S$1.3 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 4.7% from negative 2.8% in the year-earlier period.
Total revenue grew 16.8% on an annual basis to S$56.7 million from S$48.5 million, and total operating expenses increased 15.6% year over year to S$59.5 million from S$51.5 million.
Reported net income came to a loss of S$4.6 million, or a loss of 1 cents per share, compared to a loss of S$2.6 million, or a loss of 1 cents per share, in the year-earlier period.
As of May 11, US$1 was equivalent to S$1.37.